Dubai Islamic Insurance and Reinsurance Company (AMAN) announced AED31.7 million net profits for the first six months of 2005. The company recorded 17 times increase in profits at the end of June 2005, as compared to AED1.7 million by the end of June 2004.
Aman’s revenues witnessed a noticeable growth where it increased from AED8.1 million in the first six month of 2004 to AED40.5 million by the end of June 2005. Earning Per Share on June 30, 2005, was AED5.28 as compared to AED0.29 by the end of June 2004, which is calculated based on the face value of the stock which is AED10.
Hussain Al Meeza, Managing Director of AMAN, said: “We are very pleased with the results of the company. Aman has achieved a significant growth over the last three months, continuing its strong performance in the sector.”
“This contributed to the huge increase in the number of insurance contracts issued by the company this year compared to last year which is a result of the good name and special service provided by Aman,” he added.
Aman launched a new branch in Jabal Ali Free Zone in response to the growing demand for Islamic Insurance services in the Jabal Ali Free Zone. The company has achieved the highest rate of nationalisation in the UAE’s insurance sector. The company has already managed to attract a number of UAE nationals into the insurance sector, and today represent 20 per cent of the total employees in the company.
Aman had also launched a service allowing UAE residents to apply for and receive AMAN’s travel insurance quotations online, as well as car insurance quotations.
Summary about Aman :
Aman, Dubai’s Islamic Insurance and reinsurance company, is a national public company which was established in the second quarter of 2002.Several groups of investors have a stake in Aman, including The Investment Office, Dubai Islamic Bank, and retail investors. The company provides Islamic insurance services.